MANILA, Philippines – The CEO of Golden Boy Promotions believes boxing champ Manny Pacquiao’s proposal to have a charity fight with Floyd Mayweather Jr. is a product of a desperate mind.
Golden Boy CEO Richard Schafer said the proposal may be Pacquiao's way to write off his tax deficiencies with the US Internal Revenue Service (IRS).
"Desperate people take desperate actions," said Schaefer in a report by RingTV’s Lem Satterfield.
The Filipino superstar has been asking for a ring date with the unbeaten American, but the latter has repeatedly refused. Mayweather claimed that Pacquiao’s challenge is motivated by his $18 million tax woes.
To prove that he is not after the multi-million dollar fight purse, Pacquiao dared Mayweather into a fight that will benefit the poor.
“We will donate all the proceeds from the fight – guaranteed prize, should there be any, gate receipts, pay-per-view and endorsements – to charities around the world,” he said in an Inquirer report.
The challenge drew the admiration of Top Rank Inc. chief Bob Arum, who said that “[it is] an incredible statement for the sport of boxing.”
But Schaefer, whose outfit promotes Mayweather’s fights, would have none of it.
"My good friend Floyd is not desperate, but Pacquiao and his promoter are. Maybe Manny needs a tax write off to solve his tax issues."